Kina Petroleum Limited has farmed out part of its interest in PPL 340 to Hunt Energy and Mineral (PNG) Limited (Hunt), part of the Pacific Hunt Group, an affiliate of Texas, US based Holloman Corporation.

Pacific Hunt have an integrated energy and energy services business focused on the Pacific Rim including Papua New Guinea, while Holloman's presence in Papua New Guinea is as a provider of services to the broader resources and construction industry.

The farmout agreement provides for Hunt to earn equity in the licence by carrying KPL through certain work program items. Specifically:

■ Hunt will earn a 32% interest in the licence upon completion of: ■ An aeromagnetic/gravity survey covering approximately 5,400 km in the south eastern part of the licence; and ■ A seismic acquisition program over an area to be defined, expected to be between 75km and 150km in length, on the basis of interpretation of the aeromagnetic/aerogravity survey.

Tags: Kina Petroleum Limited